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Permira Holdings Limited

PRI reporting framework 2020

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Peering questions

OO LE 01. Breakdown of listed equity investments by passive and active strategies (Not Applicable)


OO LE 02. Reporting on strategies that are <10% of actively managed listed equities (Not Applicable)


OO FI 01. Breakdown of fixed income investments by passive and active strategies

FI 01.1. Provide a breakdown of your internally managed fixed income securities by active and passive strategies

Corporate (non-financial)
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%
Securitised
0 Passive
0 Active - quantitative (quant)
100 Active - fundamental and active - other
Total 100%

FI 01.2. Additional information. [Optional]

PDM operates across three core strategies in European credit: direct lending (investing predominantly in European mid-market companies), CLO management, and structured credit (investing in European CLO assets).

As at 31 December 2019, PDM's AUM was €8.86bn, comprising current investments and uncalled commitments. Direct lending is the largest of PDM's three core strategies, and represented AUM of more than €7.19bn. PDM's CLO management and structured credit businesses represented the balance of the AUM.


OO FI 02. Reporting on strategies that are <10% of actively managed fixed income (Not Applicable)


OO FI 03. Fixed income breakdown by market and credit quality

Update: this indicator has changed from "Mandatory to report, voluntary to disclose" to "Mandatory". Your response to this indicator will be published in the Public Transparency Report. This change is to enable improved analysis and peering.
Indicate the approximate (+/- 5%) breakdown of your corporate and securitised investments by investment grade or high-yield securities.
Type
Investment grade (+/- 5%)
High-yield (+/- 5%)
Total internally managed
Corporate (non-financial)
100%
Securitised
100%

FI 03.3. Additional information. [Optional]

The PDM direct lending funds typically invest in unrated debt of private companies. 

The PDM CLO management and structured credit investments are classified as high yield in this context, although noting that the majority of the CLO investments are loans rather than bonds.

If you are invested in private debt and reporting on ratings is not relevant for you, please indicate below


OO SAM 01. Breakdown of externally managed investments by passive and active strategies (Not Applicable)


OO PE 01. Breakdown of private equity investments by strategy

PE 01.1. Provide a breakdown of your organisation’s internally managed private equity investments by investment strategy.

Investment strategy 

Percentage of your internally managed
private equity holdings (in terms of AUM)
Venture capital
Growth capital
(Leveraged) buy-out
Distressed/Turnaround/Special Situations
Secondaries
Other investment strategy, specify (1)
Other investment strategy, specify (2)
Total 100%

PE 01.2. Additional information. [Optional]


OO PE 02. Typical level of ownership in private equity investments

PE 02.1. Indicate the level of ownership you typically hold in your private equity investments.

PE 02.2. Additional information. [Optional]

The Permira core private equity funds focus on opportunities which offer majority or controlling ownership. There may be situations where minority ownership is appropriate, for example in partnership deals with aligned co-investors such as an LP co-investor, family shareholder or corporate partner.  The funds will generally seek to appoint one or more non-executive directors to the boards of portfolio companies to enhance governance and to influence and reinforce critical decisions around the business strategy, leadership and the timing and nature of exit. The objective is to work alongside and support world-class management teams and boards to achieve business transformation.

During 2019, Permira launched its latest buy-out fund Permira VII (“P7”). P7 will follow Permira’s long-term strategy of investing in market-leading businesses that benefit from strong and resilient underlying growth drivers. The fund’s focus is on majority and control investments. The fund will continue to deploy across Permira’s key sectors: Technology, Consumer, Financial Services, Healthcare, Industrial Tech and Services. 

Permira also has a separate strategy focused on non-control opportunities, Permira Growth Opportunities (PGO) fund. The first such fund, PGO1 closed in 2019. PGO is an extension of the Permira funds’ longstanding growth-oriented investment strategy. The fund’s focus is on large-scale minority, non-control investments. 

 

 


OO PR 01. Breakdown of property investments (Not Applicable)


OO PR 02. Breakdown of property assets by management (Not Applicable)


OO PR 03. Largest property types (Not Applicable)


OO INF 01. Breakdown of infrastructure investments (Not Applicable)


OO INF 02. Breakdown of infrastructure assets by management (Not Applicable)


OO INF 03. Largest infrastructure sectors (Not Applicable)


OO HF 01. Breakdown of hedge funds investments by strategies (Not Applicable)


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